Azerbaijan has wasted no time in putting to use its recently-acquired surplus of oil money. The former Soviet state has launched plans to construct the world’s tallest tower, which will stand at 3,645 feet, the Associated Press reports.

Tentatively (and fittingly) dubbed Azerbaijan Tower, the structure will soar 27% higher than the Burj Khalifa in Dubai. The tower will rise over a collection of 41 man-made islands connected by 150 bridges off the shores of the capital city, Baku, in the Caspian Sea.

“One million people will live here … It will be Venice, new Venice,” project leader Ibrahim Ibrahimov told Reuters. In an attempt to glamorize Baku, the complex will include five-star hotels and a modern — not to mention sprawling — design.

Construction is already underway for a Formula 1 racetrack as part of the development project, which will come with an estimated $100 billion price tag. The first stage of the project, known as Caspian Islands, is slated for a 2016 completion. Developers expect the tower and complex to be fully complete by 2025.